International IPO Index: International new stocks had a stellar week, as the Renaissance International Index jumped +3.4%, while the ACWX ex-US ETF gained +2.0%. Hong Kong-listed names took the top and bottom spots, with lithium producer Tianqi Lithium up +22.8%, while gold jewelry maker Laopu Gold fell -10.3%.
Year-to-date, the International IPO Index is up an impressive +28.2%, compared to +19.0% for the ACWX ETF.
Big Development: Canada's bourse hosted its largest IPO since 2021. Residential REIT GO Residential REIT ($410mm), whose properties are all in New York City, finished off -2% in its Toronto debut.
Latest Listings: Industrial REIT Fibra NEXT ($430mm) finally debuted in Mexico, the first sizable Latin American IPO in nearly four years. It finished the week flat. In India, CRO and CDMO Anthem Biosciences ($390mm) surged +33%. Immuno-oncology biotech Leads Biolabs ($160mm) soared +92% in Hong Kong in an upsized IPO.
The Week Ahead: Shipbuilder Daehan Shipbuilding ($360mm) is scheduled to debut in Seoul. Gabon-based bank BGFI ($230mm) is set to list on the Cameroonian exchange BVMAC, its largest ever IPO.
The Pipeline: India's IPO pipeline remains active. New launches came from depository NSDL ($450mm) and security camera maker Aditya Infotech ($150mm). More could come soon from non-bank lender Tata Capital, cement producer JSW Cement, and life insurance provider Canara HSBC Life. Regulators approved the IPOs of tutoring services provider Physicals Wallah and solar panel module maker Saatvik Green Energy. New IPO filings came from flexible workspace provider Executive Centre, and dairy products maker Milky Mist.
In Hong Kong, semiconductor maker Goermicro re-filed for an IPO, while circuit board maker Victory Giant is working with advisers for a listing. In the UK, banking services provider Shawbrook Bank added more underwriters for its London IPO.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Jul 25th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Tianqi Lithium | 9696.HK | 22.7% |
| China Tourism Group Duty Free | 1880.HK | 13.8% |
| WuXi XDC Cayman | 2268.HK | 13.6% |
| Rakuten Bank | 5838.JP | 10.9% |
| Porsche AG | P911.GR | 10.2% |
| Bottom 5 | ||
| Laopu Gold | 6181.HK | -10.3% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | -4.7% |
| Lottomatica Group | LTMC.IM | -4.3% |
| Guming Holdings | 1364.HK | -3.1% |
| Thai Life Insurance | TLI.TB | -2.9% |
| Sectors | ||
| Materials | 6.3% | |
| Real Estate | 6.2% | |
| Health Care | 4.5% | |
| Industrials | 3.3% | |
| Technology | 2.6% | |
| Consumer Discretionary | 2.1% | |
| Financials | 1.9% | |
| Communication Services | 1.8% | |
| Consumer Staples | 1.8% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 3.4% last week vs. 2.0% for the iShares MSCI ACWI ex U.S. ETF.
